Check out the companies making the biggest moves in premarket trading:
Walmart — Shares added as much as 1% after the big-box retailer raised its full-year forecast and reported an earnings and revenue beat. Adjusted earnings per share for the quarter was $1.84, topping the $1.17 expected from analysts polled by Refinitv. Revenue came in at $161.63 billion, versus the $160.27 expected.
Cisco Systems — The computer networking giant added 2.2% following its earnings beat postmarket Wednesday. Adjusted earnings per share for its fiscal fourth quarter came in at $1.14, topping the $1.06 expected from analysts polled by Refinitiv. Revenue was $15.2 billion, compared to the $15.05 billion expected.
Adobe — The software company added about 2% after Bank of America upgraded shares to buy from neutral. The bank said Adobe was on the verge of becoming a leader in artificial intelligence. Bank of America also upped its price target to $630 per share from $575, implying more than 22% upside from Wednesday’s close.
Hawaiian Electric — The utility company that oversees Maui Electric sank nearly 18% in premarket trading, continuing its slide over concerns of its potential liability in Maui’s wildfires. On Wednesday, the Wall Street Journal reported Hawaiian Electric is in talks with firms that specialize in restructuring. On Thursday, Bank of America lowered its price target on the stock for the second time this week, from $11 to $10.
CVS – Shares tumbled about 7% in the premarket after Blue Shield of California announced it is moving from CVS to Mark Cuban’s Cost Plus Drug Company and Amazon Pharmacy. Blue Shield of California will still use CVS Caremark for specialty drugs and to provide prescriptions for patients with complex conditions.
Wolfspeed — Shares dropped nearly 17% following the company’s earnings report after the bell Wednesday. Wolfspeed posted an adjusted earnings-per-share loss of 42 cents for its fiscal fourth quarter, missing expectations of a 20 cents loss-per-share, according to Refinitiv. However, the company’s revenue tops estimates.
— CNBC’s Alex Harring, Jesse Pound and Michael Bloom contributed reporting.